Q&A: Economy threatened when countries use currency as weapon

LONDON -- The world economy faces a new threat. Instead of a banking collapse or too much debt, fears are growing that countries are using their currencies as an economic weapon.

History suggests that's never a good thing.

If too many countries try to weaken their currencies for economic gain -- sparking a "currency war" -- that could stifle business confidence and investment, sow turmoil in financial markets and derail a fragile global economy.

As financial representatives from the world's leading 20 industrial and developing nations gather for a meeting in Moscow this weekend, those concerns are being openly discussed.

"All the members of G20 need to deliver on a commitment to move towards a market-determined exchange rate and refrain from competitive devaluation," U.S. Treasury Undersecretary Lael Brainard warned Friday.

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